Brief: TLA Worldwide Announces Sale Of Australian Businesses

Hawkwing

08/08/2019 15:33

Aug 8 (Reuters) - TLA Worldwide Plc  TLAT.L :
    * PROPOSED SALE OF AUSTRALIAN BUSINESSES
    * AUSTRALIAN BUSINESSES HAVE BEEN SOLD ON A DEBT-FREE BASIS
    * NET CASH PROCEEDS WILL BE USED TO REDUCE AMOUNT
OUTSTANDING
UNDER GROUP'S FACILITIES WITH ITS BANK
    * BANK HAS ALSO AGREED TO WAIVE ANY OUTSTANDING BALANCE OF
ITS
FACILITIES ON RECEIPT OF NET CASH
    * SUBSIDIARY, TLA ACQUISITIONS LIMITED, HAS ENTERED INTO AN
AGREEMENT TO SELL TLA WORLDWIDE (AUSTRALIA) PTY LTD
    * QMS SPORT HOLDINGS WILL PAY AN ENTERPRISE VALUE OF
AUD28.235
MILLION
    * ENTIRE PROCEEDS FROM SALE OF U.S. BUSINESS NET OF COSTS,
WAS
USED TO REDUCE INDEBTEDNESS TO GROUP'S BANK
    * BOARD PROPOSES TO CHANGE COMPANY NAME TO "HAWKWING PLC"

Source text for Eikon:  ID:nRSH4585Ia 
Further company coverage:  TLAT.L 

 ((Reuters.Briefs@thomsonreuters.com;))